Branding is a key factor in attracting new business.
Research consistently shows that better perceptions outsell better products. In the famous Coke/Pepsi blind taste test, Pepsi tends to have a slight advantage, but take the blindfold off and Coke nearly always wins.
The reason why? It all comes down to branding.
In marketing terms, the definition of branding is the sum total of a company value. A brand is made up of intangible ideas, such as USPs and brand values, but also more tangible elements that make up a cohesive and instantly recognisable brand style, such as colours, fonts and logos.
Here we explore 5 key benefits of strong branding and why it’s vital to constantly monitor and improve your brand strategy.
#1 Branding facilitates recognition and familiarity
Customers must be able to look at any element of your brand, and know who you are instantaneously. Think about Ralph Lauren, Apple or McDonalds, they are instantly recognisable as large, successful brands. People feel most comfortable doing business with brands they are familiar with, so keeping your brand consistent and easy to recognise is of extremely high value, particularly in terms of building brand equity if you are hoping to franchise your business in the future.
#2 Branding creates trust
Credibility and trust from your customers is created through the strength of your branding. People use brands they trust, and they trust brands that are polished, well-maintained and communicate a distinct identity. Lack of a clear identity focus will result in uninterested, dismissive customers. A strong brand puts customers at ease as they know what to expect every time they interact with your brand.
#3 Branding emphasises unique selling points
Deciding on a unique selling proposition is possibly the most important decision you can make about your business. Organisations today are competing in the global economy. It needs to be instantly clear why your business deserves to stand out and what sets you apart from competitors. Branding is the best way to highlight your point of difference as early as possible in the customer purchase journey.
#4 Branding generates new customers
Branding enables your company to get referral business, e.g. ‘Have you heard of Brand X?’ Research has shown that customers naturally value and trust their friends sincere recommendations far more readily than marketing messages put out by an organisation motivated by trying to attract their business.
#5 Branding facilitates internal motivation
A distinct brand strategy provides your team with direction and motivation. It tells them how to win. A well-defined brand is one that employees can utilise and deliver in their work. When they understand your mission, they are more likely to feel proud and work in the same direction.
Overall, the most successful branding needs to be built on a strong idea. One that both staff as well as consumers can buy into.
With strong brands come loyal customers and employees!